Thailand-based Banpu is planning to increase its coal production in Indonesia and Australia to compensate its divestment of a suspended Chinese mine.
Banpu's Indonesian unit, Indo Tambangraya Megah, is expected to buy a coal mine in Kalimantan, which has an annual capacity of a million tons.
Earlier this month, Banpu announced that it would sell its stake in the Daning mine in China for $669m. Now it plans acquire a 12.4% stake in Hunnu Coal of Australia for $45.5m, reports Reuters.
Banpu CEO Chanin Vongkusolkit said the acquisition of the Australian asset would give the firm access to the coal sector in Mongolia with widespread coal deposits and close proximity to key export markets like China and India.
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